Category: Africa
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East Africa: 500 petrol stations face ERC closure in safety crackdown
More than 500 petrol stations across the country are facing closure after they were found in breach of safety and quality standards set by the Energy Regulatory Commission (ERC). The petrol stations have failed to meet the prescribed construction specifications and have irregularly incorporated additional businesses such as eateries, car wash sheds, and offices in…
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East Africa: Ecobank’s quest for 100 mln customers by 2020
Pan-African group Ecobank Transnational plans to increase its customers to 100 million by 2020 from 10 million now, using technology to hit that goal, the chief executive said on Thursday. Speaking at the launch of the group’s new mobile banking technology in Kenya, Ade Ayeyemi told Reuters this would help the group reach more users…
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Nigeria aims to present reform plan for $1 bln World Bank loan
Nigeria wants to borrow at least $1 billion from the World Bank to help haul it out of recession and plans to present the required economic reform proposals to the lender this month, officials and diplomats told Reuters. The oil producer, which has been hit hard by a sharp fall in crude prices since 2014,…
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S.A’s biggest cement maker PPC in merger talks
South Africa’s biggest cement maker PPC Ltd is in merger talks with its nearest rival Afrisam Group, it said on Monday, seeking to overcome valuation squabbles that sunk previous tie-up efforts. Majority owned by pension fund, the Public Investment Corporation, Afrisam first proposed merger in 2014, swooping in at a time when PPC’s share price…
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Nigeria: Jaiz Bank Listed On Nigeria Stock Exchange
Nigeria’s foremost non-interest bank, Jaiz Bank Plc, was on Thursday listed on the Nigeria Stock Exchange, NSE. The listing, which is the second in 2017, added about N37 billion to the market capitalisation of the NSE. Earlier, Medview Airline was listed on the NSE, representing the first listing for the year. Following Thursday listing, the…
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Nigeria: Navy Rescues Oil Tanker From Pirates
As part of the strategy to rid the nation of maritime crimes, the Nigerian Navy yesterday rescued an oil tanker hijacked by pirates around Bonny Island According to officials, the rescue is another major feat in its ongoing operations against piracy and other criminalities in Nigerian waters. The Director of Information, Naval Headquarters, Navy Captain…
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SA: Kumba sells loss-making iron ore mine to ArcelorMittal
Kumba Iron Ore said on Thursday it is selling its Thabazimbi mine to the mine’s sole customer, ArcelorMittal South Africa (AMSA), for a nominal sum. Operations at the mine in northern South Africa ceased in September 2016 after a combination of factors, including high operating costs. Kumba, a unit of Anglo American and AMSA said…
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Kenya:World Bank values Dar’s real estate Sh273bn more than Nairobi
Tanzanian capital Dar es Salaam’s real estate has been ranked ahead of Nairobi and Addis Ababa in the World Bank’s latest cities report, which cites land fragmentation and weak property rights as the sector’s biggest impediments in Africa. The report, which was released yesterday, estimates the economic value of Dar’s real estate at Sh1.2 trillion…
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S.A labour agreements herald opportunities for inclusive growth
Nedlac negotiations result in an agreement that marks a profound improvement in tone of labour relations in SA Agreement addresses wage inequality, labour stability, and economic transformation Business Unity South Africa (BUSA) and the Black Business Council (BBC) have welcomed the announcement of a groundbreaking package of labour market interventions agreed to by business, labour,…
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Nigeria: Arik Air Vows to Challenge Govt Takeover
The management of Arik Air on Thursday said it would challenge the taking over of the airline by the Assets Management Company of Nigeria (AMCON) in court. Ado Sanusi, Senior Vice President, Arik Air made the disclosure at a joint news conference with the newly appointed receiver manager, Oluseye Opasanya, and the airline’s technical consultant,…